发行市盈率放开后的A股市场初始回报研究  

An Empirical Study of A-share Stock Market's Initial Returns with No Limitation of IPO/s P/E Ratio

作　　者：宋逢明[1] 梁洪昀[1] 

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《金融研究》2001年第2期94-100,共7页Journal of Financial Research

基　　金：国家自然科学基金"九五"重大项目! (编号 :79790 1 30 )的资助

摘　　要：本文研究了在取消发行市盈率限制后上市的 95只股票的初始回报水平及影响这一水平的因素 ,发现个股间发行市盈率水平仍未显著拉开。影响初始回报的主要因素来自二级市场 ,如股价总体水平、行业平均市盈率等。初始回报仍处于很高水平 ,但极低的中签率使申购资金的实际收益远低于名义值。一二级市场投资者分离的现象依然存在 ,投资者在股票上市之初抛售股票以获利了结的愿望十分强烈。The initial returns of 95 initial public offerings (IPO s)are studied in this paper.These stocks were listed after the limitation of IPO′s P/E ratio had been abolished.We find no significant difference among their P/E ratios when they were issued.Almost all the factors that affect the level fo the initial return come from the secondary market,including the market price level the mean industry P/E ratio,and so forth.The average initial return is very high,but the actural return of the subscribers is much lower than the nominal level due to the low hit rate.The investors of the primary market are separated from that of the secondary market in a degree.The winners of the subscribers are very willing to sell the new issues as soon as they are listed.

关 键 词：初始回报 市盈率 首次公开发行 A股 股票市场 股票发行 

分 类 号：F830.91[经济管理—金融学]